After falling 27% in 3 months, and global growth fears still lingering, we see now as an opportune time to add to S32 positions. Trading at a 40% discount to our target price and with an ~18% FCF yield and expected 7.9% FY22F div yield. 4Q22 was a mixed quarter for S32 operationally. Strong performances once again from Cannington and Worsley, while Illawarra and Cerro Matoso both underperformed expectations. We maintain an Add rating and A$6.00 target price (was A$6.10).